Business
FG Wants Efficiency In Insurance Sector
The federal government has inaugurated a new Board of the National Insurance Commission (NAICOM).
In his speech presented at the inauguration, the Hon. Minister of State for Finance, Mr Aderemi Babalola expressed his pleasure with the caliber of personalities appointed into the Board.
He stated that the members have been meticulously and carefully selected based on their past performance and contributions, not only to the insurance industry but also towards the overall growth and development of the country.
“It is, therefore, my sincere hope that the Board will not only live up to the expectations of Nigerians in the performance of its statutory roles but surpass them,” he said.
According to Babalola NAICOM, the apex regulatory body for the insurance industry in Nigeria is governed by the Insurance Act 2003.
He added that the supervision and regulation of the insurance industry in Nigeria is closely monitored and streamlined by the commission to ensure a healthy environment. NAICOM’s actions, therefore are expected to be driven by corporate creativity, transparency, security, efficiency, market integrity, and enhanced stakeholder returns.
The minister, however, called for more pragmatic and innovative approaches to issues militating against the full realisation of the objectives of the commission such as poor underwriting practice, excessive risk appetite lack of integrity, lack of autonomy and inappropriate pressure for short-term returns.
Major tasks ahead of the new board are, to manage and supervise the affairs of the commission, to recommend to the minister, from time to time, the rates of contribution to be made by insurance institutions to the funs of the commission, to do such other things and enter into such transactions which in its opinion are necessary to ensure the efficient performance of its functions under the Act or any other enactment etc.
Members of the Baord of NAICOM are Hajiya Inna Maryam Ciroma, Chairman, Senator Collins Ndu, Mr Oluwatayo Boye, Alhaji Aminu Ahmed. Yapcco, Mr Fola Daniel, Commissioner for Insurnce, Mallam Mohammed Hussein, Deputy Commissioner for Insurance (Technical), the Deputy Commissioner for Insurance (Finance and Accounts). Mr Lexy Omoha, Director Home Finance, Representative of the Central Bank of Nigeria and Mr Adegboyega Adepegba, Director-General Chartered Institute of Insurance of Nigeria.
Business
Tinubu’s RHI Doles Out N50m To 1,000 Kwara Petty Traders
Business
UBA To Educate SMEs, Business Owners On Withholding Tax
Business
Nigeria Losing $40b Annually From Maritime Sector – NIMENA
-
Rivers3 days ago
Bonny Protest Neglect, Seeks CSR MoU Implementation
-
Politics1 day ago
Presidency, APC React As El-Rufai Criticises Party, Urges United Opposition
-
Niger Delta1 day ago
NDDC’s Performance, Boost To Tinubu’s Government – Coalition
-
Niger Delta3 days ago
Edo Confirms 8 Lassa Fever Deaths, 56 Cases
-
Politics1 day ago
Same Faith Ticket, CAN Yet To Decide For 2027
-
Business1 day ago
UBA To Educate SMEs, Business Owners On Withholding Tax
-
Business3 days ago
FG Seeks partnership With World Economic Forum On Gas Pipeline Project
-
Business1 day ago
Data Privacy Ecosystem Can Drive Trillion Dollar Economy – NDPC